Niki (Victoria Pratt) is an oceanographer in search of a mythical treasure off the coast of British Columbia. She's assisted by two college interns. In a sunken ship she finds a bronze Greek mask but before she can find the giant opal a giant squid appears, which kills their boat's captain and chases them away. This is the same creature that killed the parents of Ray (Jerry O'Connell) twenty-years before. He offers to help Niki and her crew recover the treasure in hopes that he can get his revenge on the monster. To complicate matters there's a mafia type guy (Jack Scalia) who also wants the fortune and will do anything to get it.

Of course, everything turns out exactly how you think it would, with the good guy killing the Kraken and getting the girl, and the bad guy getting what he deserves. Add this to the list of non-memorable giant killer animal movies....